Switching to renewables could save GCC region up to US$87bn by 2030

Tuesday, 21 November 2017 05:33

By 2020, the GCC energy sector will witness an estimated US$50bn in new project investments in a bid to increase local power generation capabilities. (Image source: Seagul/Pixabay)The GCC could save between US$55bn and US$87bn by 2030 when switching to renewable energy, event organisers announce ahead of the Big 5 Solar

According to the “GCC Solar Market Overview” report by BNC Network, research partner for the event, a key driver for the developing solar market is an increasing focus upon energy diversification strategies which seek to supply a population surge in the region.

Large-scale projects such as the Makkah Solar Power Plant in Saudi Arabia (US$640mn), and the 1,177MW solar photovoltaic plant in the UAE (US$872mn), signify an upward trajectory in the GCC solar market in particular and lead the way for improved clean energy strategies and advancements in solar technology.

The report reveals that by 2020 the GCC energy sector will witness an estimated US$50bn in new project investments in a bid to increase local power generation capabilities. An estimated 60 per cent of the land area in the region offers “excellent suitability” for solar PV development, and as a result the renewable energy sector in particular is expected to make up a significant share of new construction projects.

Looking forward, the report forecast that improvements in integrated solar technology will bring down the cost of solar power and allow for a broader and more popular application of clean energy. Furthermore, market growth can be sustained by favourable legislation like the Shams Dubai initiative, which in 2015 called for the installation of solar panels on every rooftop in Dubai by 2030 and set an example to other GCC governments.

Being one of the first projects to enable the involvement of private companies, the Mohammed Bin Rashid Al Maktoum Solar Park is encouraging the private sector to move further into renewable energy, adding more momentum to the industry.

Discussing the report, portfolio director for The Big 5 Solar Josine Heijmans evaluates that “the GCC solar energy market continues to grow with the launch of projects dedicated to building energy capabilities in the region. Adding that the GCC has some of the lowest solar tariffs in the world, demand is rising for the range of innovative products and solutions that will be showcased at The Big 5 Solar next month.”

Under the patronage of The Ministry of Energy and set to become a premier platform for solar professionals to network and do business in the Middle East, The Big 5 Solar 2017, from 26-29 November at Dubai World Trade Centre, pursues the escalating demand drivers in the GCC market by showcasing solar technologies and offering insightful discourse on industry development.

The event will feature 12 free-to-attend CPD certified Solar Talks covering topics such as the connection between solar and construction, the impact of VAT on the solar industry, and the role of small and medium enterprises in developing the solar industry.

A prominent apex to the exhibition will be the third edition of the Global Solar Leaders Summit (GSLS), the only established high level summit in the Middle East focusing on the highlighting the global vision on renewable energy. It will offer lively debates, clear business-relevant focus groups and a very high degree of interaction.